Trading Competition Nears End, Meme Coin Landscape Diversifies
As of January 22, BNB Chain's 'USD1 Trading Competition' has entered its seventh day and is nearing its conclusion. According to GMGN monitoring, the top three market cap positions are held by veteran Meme coins: EGL1, CDL, and Liberty. Notably, EGL1 and Liberty both participated in similar events on BSC during May to July of last year.
New Coins Show High Volatility, Market Cap Drops
In contrast, newer Meme coins have shown mixed performance. Coins like 'BIG DON' and 'An' have seen their market caps drop over 70% from their peaks, currently hovering around $17 million each, ranking fourth and fifth respectively.
Other trending newcomers such as '1' now have a market cap below $5 million, while 'memes' have dropped to about $8.7 million, highlighting the speculative nature and frequent capital rotation in the market.
Capital Rotation Continues, Some Projects Surge
Despite the high volatility, some Meme coins have shown sharp rebounds. For instance, 'Polar Bear 2026' and 'Yi' briefly surpassed $10 million in market cap, indicating that capital is still rotating actively within the sector.
Open Participation, Incentives for Top Three
This competition is open to all qualified tokens, regardless of creation date. Eligibility mainly focuses on USD1 trading pairs on the Four meme platform, including projects launched with USD1 as the base currency or those with active USD1 liquidity pools.
Warning: Extreme Volatility, High Risk
Meme coins are known for their extreme volatility, often driven by market sentiment and speculative hype rather than underlying value. Investors should proceed with caution, thoroughly evaluating the risks before participation.